Prescription drug sales have fueled J&J's growth in recent years.Frederick J. Brown | AFP | Getty ImagesHere's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Revenue: $20.56 billion vs. $20.29 billion expected
J&J makes everything from Acuvue contacts to cancer drugs like Zytiga to Aveeno lotion. Prescription drug sales have fueled J&J's growth in recent years, accounting for half of the company's revenue. The company is trying to balance declining sales from some of its top drugs, like Zytiga, while introducing new ones, like Spravato. Prostate cancer treatment Zytiga lost patent protection last fall and now faces competition from a handful of generic drugs. Meantime, J&J won approval from the U.S. Food and Drug Administration in the spring for Spravato, a ketamine-like nasal spray for treatment-resistant depression.
J&J also faces thousands of lawsuits claiming its talc-based baby powder caused ovarian cancer and mesothelioma, threatening the company's family-friendly image. The company has fought the charges and insists its baby powder is safe.